Global Paints and Coatings Market Trends:
- Automobile and commercial vehicle coatings are applied to enhance the quality, appearance, heat resistance, and durability of all exterior and interior vehicle components. The most commonly applied automotive OEM water-borne epoxy coating is acrylic polyurethane enamel paint due to its rightful compliance with the government’s regulations regarding the environmental concerns. Innovations in the automobile manufacturing sector such as ‘heated booths’ has led to quicker drying procedures consequential in an upsurge in the number of automotive units coated per day positively affecting the consumption of automotive paints. Thus, as per the global paints and coatings market future outlook, its application in the rapidly innovating and robustly growing automobile sector selling 100 million units each year is all set to stroke the market with abundant demand. As per the International Organization of Motor Vehicle Manufacturers (OICA), around 97 million units were sold in 2017.
- Decorative/architectural paints is the major segment, holding almost 40% of the global paints and coatings market share and it is directly proportional to the construction and infrastructure sector. According to a report by The International Financial Corporation (IFC), a member of the World Bank Group, nearly 75% of the infrastructure that will exist in 2050 is yet to be built and the annual obligatory investment to meet the objective is estimated to be around $3.3 trillion. The global construction industry is the world’s largest consumer of raw materials, and hence with such an abundant demand and influx of investments, the adjacent sectors are bound to divert some revenue and business into their own pockets. Consequently, paints and coatings application in several stages of construction operations, right from the initial steel and concrete structure coatings for anti-corrosion behaviors to roof coatings, wall paints, or deck finishes at the concluding stages for aesthetic appeal is forecast to poise the market with copious opportunities and market share. This architectural and decorative paints and coatings segment is anticipated to grow at a CAGR of 4.8% during the aforementioned forecast period.
- Other prominent areas of application traced by the global paints and coatings market research report are aerospace, marine, packaging, auto refinish and other industrial applications. Apart from these, one very significant area of application is the fabrication of semiconductor devices. Coatings supplements a completely new characteristics, such as a magnetic response or prerequisite electrical conductivity, and forms an essential part of the finished product. The affluent semiconductor sector, which recorded an unprecedented shipment of 1 trillion units in 2018 and 13.7% increment in sales reaching the $468.8 billion mark, will definitely propel the paints and coatings market towards considerable returns.
Global Paints and Coatings Market- Segments Analysis:
In accordance with the paints and coatings market regional outlook incorporated in the report, the APAC region dominated the global market revenue and accounted for more than 44% of the overall market in 2018. Asian Paints is a dominating figure in the Asian market with a market capitalization of $18.4 billion. The growth of the APAC paints and coatings market is being propelled by rapid urbanization, increase in disposable incomes, new corporate facility constructions, and repainting activities along with its automotive industry’s production rate consistently increasing in various countries such as India (5.83%), China (3.19%), and Japan (5.31%) as of 2017 (OICA).
On the basis of formulations, the paints and coatings market is segregated into high solids, water-based, solvent-based, and powder coating. By the type of resins, industrial coatings are categorized into acrylic, alkyd, epoxy, polyurethane and polyester based coatings.
Global Paints and Coatings Market Companies
Sherwin Williams, one of the global leader in the development, manufacturing, and sale of paint and coatings, recorded net sales of $14,984 million dollars in 2017. The dominance of this market giant can be expressed by the fact that almost 90% of the entire U.S population lives within a 50-mile radius of a Sherwin-Williams store. It has 4,267 company-operated specialty paint stores in the United States, Canada, and the Caribbean. Other major market players profiled in this IndustryARC report are PPG Industries Inc., AkzoNobel NV, RPM International, and Nippon Paints (Nipsea Group).
Paints and coatings are multi-purpose commodities employed by several industries for aesthetic as well as maintenance purposes. Industrial coatings, apart from its functionality, also serves as an economical and durable maintenance tool as it provides the substrate with corrosion resistance traits and also acts as a filter from environmental effects. Similarly in the construction sector, it increases the durability of installed apparatuses composed of steel and concrete as well as adds aesthetic effects in the concluding operations. Increasing disposable income has upgraded the lifestyle of population, which is a major driver for decorative paints, as the association of beauty with wellness is a major trend. All factors put together, the global paints and coatings market is projected for superlative future.